Spain’s Banco Bilbao Vizcaya Argentaria SA and Italy’s UniCredit SpA are the most vulnerable among European banks to risks linked to the turmoil in Turkey that erupted in the final hours of trading last week. Both lenders hold stakes in Turkish retail banks. Currency volatility and concerns tied to “knock-on effects” on the economy from the failed uprising pose the largest threats, Deutsche Bank AG analysts including David Lock wrote in a note Monday.

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